Common use of Action Plan Clause in Contracts

Action Plan. (1) The Board shall direct management to undertake and complete all steps necessary to correct the circumstances and conditions, as noted in the Bank’s most recent Report of Examination, resulting in the Bank’s noncompliance with the conditions and requirements set forth in 12 U.S.C. § 24a and 12 C.F.R. § 5.39 for a national bank that maintains a financial subsidiary. (2) Within ninety (90) days of the effective date of this Agreement, the Board shall develop and adopt a written plan that: (a) explains the specific actions that Bank management will take to correct the circumstances and conditions, as noted in the Bank’s most recent examination, resulting in the Bank’s noncompliance with the conditions and requirements for a national bank that maintains a financial subsidiary; (b) specifies how the Board will ensure Bank management’s implementation of the plan; and (c) sets forth a timetable for the implementation of each action specified in the plan. (3) Upon adoption of the plan, the Board shall submit the plan to the Deputy Comptroller and Examiner-in-Charge for a prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Deputy Comptroller, the Bank shall immediately implement and adhere to the plan. (4) The plan shall be implemented pursuant to the time frames set forth within the plan unless events dictate modifications to the plan. Where the Board considers modifications appropriate, those modifications shall be submitted to the Deputy Comptroller and Examiner-in-Charge for prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Deputy Comptroller, the Bank shall implement and adhere to the revised plan.

Action Plan. (1) The Board shall direct management to undertake and complete all steps necessary to correct the circumstances and conditions, as noted in the Bank’s most recent Report of Examination, resulting in the Bank’s noncompliance with the conditions and requirements set forth in 12 U.S.C. § 24a and 12 C.F.R. § 5.39 for a national bank that maintains a financial subsidiary. (2) Within ninety (90) days of the effective date of this Agreement, the Board shall develop and adopt a written plan that: (a) explains the specific actions that Bank management will take to correct the circumstances and conditions, as noted in the Bank’s most recent examination, resulting in the Bank’s noncompliance with the conditions and requirements for a national bank that maintains a financial subsidiary; (b) specifies how the Board will ensure Bank management’s implementation of the plan; and (c) sets forth a timetable for the implementation of each action specified in the plan. (3) Upon adoption of the plan, the Board shall submit the plan to the Deputy Comptroller and Examiner-in-Charge for a prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Deputy Comptroller, the Bank shall immediately implement and adhere to the plan. (4) The plan shall be implemented pursuant to the time frames set forth within the plan unless events dictate modifications to the plan. Where the Board considers modifications appropriate, those modifications shall be submitted to the Deputy Comptroller and Examiner-in-in- Charge for prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Deputy Comptroller, the Bank shall implement and adhere to the revised plan.